While there are benefits to investing in cryptocurrency, such as the convenience of transferring funds, the anonymity and ultimately, the chance to gain significant profit, Wainwright says for the most part, the risks out weigh the rewards.
“It’s extremely high risk, it’s no different than investing in a company that’s mining gold in South America; you got no protection. Now if they find gold and are a good company you might get rich. If not, you may lose everything.”
Ultimately, when it comes to trading or investing in cryptocurrencies, it’s buyer beware.